California energy regulators halt efforts to penalize oil companies for high profits

California energy regulators halt efforts to penalize oil companies for high profits
FILE PHOTO: Crude tankers are shown at the port of Long Beach, California, U.S., March 8, 2022. REUTERS/Mike Blake/File Photo

SACRAMENTO, Calif. (AP) — California energy regulators Friday put the brakes on plans requiring oil companies to pay a penalty if their profits climb too high, a temporary win for the fossil fuel industry two years after the governor declared the state had “finally beat big oil.”

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